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Hong Kong: Stocks extend losses after opening

Fri, Dec 16, 2016 - 10:10 AM

PHOTO: BLOOMBERG

[HONG KONG] Hong Kong stocks extended the previous day's sharp losses soon after opening Friday, brushing off a rally on Wall Street as the prospect of more US interest rate hikes next year dented confidence.

The Hang Seng Index fell 0.29 per cent, or 63.02 points, to 21,996.38. A Fed rate hike affects borrowing costs in Hong Kong as the city's monetary policy is linked to that of the United States.

And the benchmark Shanghai Composite Index slipped 0.20 per cent, or 6.17 points, to 3,111.51 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, inched higher, adding 0.67 points to 1,973.58.